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LONG-TERM DEBT | 12 Months Ended
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Dec. 31, 2013
LONG-TERM DEBT |
LONG-TERM DEBT | 9. LONG-TERM DEBT Effective August 1, 2011, we entered into a loan agreement with the California Institute for Regenerative Medicine, or CIRM, solely to support development of GRNOPC1 for the treatment of acute spinal cord injury. In 2011 we received an aggregate total of $6,422,000 in disbursements under the loan agreement with CIRM. In connection with each disbursement, we issued warrants to CIRM to purchase shares of our common stock as specified in the loan agreement. On November 14, 2011, in connection with our decision to discontinue further development of our stem cell programs, we repaid $6,459,000 to CIRM, representing the entire amount of the outstanding principal balance under the loan agreement with CIRM, including accrued interest of $37,000. With the repayment of the entire outstanding balance to CIRM, we have no further amounts owed to CIRM. The carrying value of the loan from CIRM was determined by allocating the proceeds between the fair value of the debt and the warrants issued to CIRM using the relative fair value method. The discount resulting from the allocation of proceeds between the fair values of the debt and warrants was being amortized to interest expense and accreted to the principal face value of the debt using the effective interest rate method. In 2011, we recognized $88,000 of interest expense related to the CIRM loan, which reflected amortized debt discount of $51,000 and accrued interest of $37,000. With full repayment of the CIRM loan in November 2011, we recognized $1,664,000 as a loss from debt extinguishment in our consolidated statements of operations for the remaining unamortized debt discount on the loan.

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 22 -Article 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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